Investment Figures Of The Week

COMMENTARY

What a roller-coaster ride! In the last five sessions, the Dow industrials had three day-to-day price changes of over 120 points. But the net change for the week was just -1.5%. The losses were surprising, considering better-than-expected profit reports from many blue-chip companies. The bright spot, of course, was technology: Microsoft, Compaq, and America Online delivered super gains. And after a few days' sell-off, the Net stocks again raced up at warp speed. On Jan. 27, online auctioneer eBay soared 83 points to close at 304.

STOCKS

Investment Figures of the Week
Investment Figures of the Week
                                                  % change
      U.S. MARKETS                       Latest      Week      Year
      Dow Jones Industrials              9200.2      -1.5      16.2
      NASDAQ Combined Composite          2407.1      -0.3      49.4
      S&P MidCap 400                      374.7      -2.1      15.2
      S&P SmallCap 600                    172.2      -3.1      -2.7
      S&P SuperComposite 1500             261.5      -1.2      24.9
                                                       % change
      SECTORS                             Latest    Week      Year
      Bloomberg Information Age           517.7      -2.1      68.0
      S&P Financials                      127.3      -3.7      10.9
      S&P Utilities                       248.7      -0.3       9.6
      PSE Technology                      493.7       1.0      65.3
                                                       % change
      FOREIGN MARKETS                    Latest      Week      Year
      London (FT-SE 100)                 5876.4      -3.8        9.4
      Frankfurt (DAX)                    5061.2      -1.6       15.3
      Tokyo (NIKKEI 225)               14,450.1       3.0      -14.9
      Hong Kong (Hang Seng)              9719.7      -5.8        5.1
      Toronto (TSE 300)                  6651.7      -0.9       -1.2
      Mexico City (IPC)                  3815.4       1.1      -16.1
                                                     Week      Year
      FUNDAMENTALS                       Latest      ago       ago
      S&P 500 Dividend Yield             1.26%       1.26%     1.59%
      S&P 500 P/E Ratio (Last 12 mos.)   32.6        33.1      24.1
      S&P 500 P/E Ratio (Next 12 mos.)*  24.3        24.3      19.2
      First Call Earnings Surprise*      4.44%       6.93%     2.56%
                                                     Week
      TECHNICAL INDICATORS               Latest      ago       Reading
      S&P 500 200-day average            1116.4      1113.9    Positive
      Stocks above 200-day average         35.0%       37.0%   Positive
      Options: Put/call ratio              0.46        0.47    Negative
      Insiders: Vickers Sell/buy ratio     1.43        1.39    Positive
      Data: Bloomberg Financial Markets; *First Call Corp.
      
      BEST-PERFORMING             Last                                Last 12
      GROUPS                     month%                               months%
      Computer Software           16.0     Communications Equip.       132.9
      Broadcasting                15.9     Specialty Appar. Retailers   98.1
      Specialty Appar. Retailers  13.2     Computer Systems             92.1
      Personal Loans              12.8     Genl. Merchandise Chains     91.1
      Automobiles                 12.3     Computer Software            90.9
      WORST-PERFORMING           Last                                Last 12
      GROUPS                     month%                              months%
      Hospital Management        -20.4     Oil & Gas Drilling          -53.2
      Tobacco                    -14.7     Oil Exploration & Prod.     -37.4
      Oil Exploration & Prod.    -12.9     Hospital Management         -34.0
      Property-Casual. Insurers  -12.2     Toys                        -33.6
      Engineering & Constr.      -11.0     Metals                      -33.5
      
      BLOOMBERG MONEY FLOW ANALYSIS
      Rebound ahead?  Stocks with most                           1-month
      significant buying on price weakness    Price              change
      America Online                          155                -2 1/4
      IBM                                     185 5/8            -3 5/8
      Lucent Technologies                     110                -1 3/16
      Exxon                                    72 1/4            -2 1/4
      American Express                        101 3/4             - 3/16
      Telebras-ADR                             63 3/8            -11 1/8
      Decline ahead?  Stocks with most                            1-month
      significant selling on price strength   Price               change
      Microsoft                               171 9/16            29 3/16
      Cisco Systems                           107 1/8             12 15/16
      MCI WorldCom                             77 15/16            6
      Intel                                   136 15/16           14 13/16
      Dell Computer                            88 1/2             13 3/4
      Sun Microsystems                        106 5/8             21 5/8
      
      INTEREST  RATES
                                     Latest      Week      Year
      KEY RATES                      week%       ago%      ago%
      MONEY MARKET FUNDS             4.66        4.69      5.19
      90-DAY TREASURY BILLS          4.46        4.37      5.23
      6-MONTH BANK CDS               4.36        4.38      5.12
      1-YEAR TREASURY BILLS          4.49        4.53      5.33
      10-YEAR TREASURY NOTES         4.67        4.76      5.69
      30-YEAR TREASURY BONDS         5.13        5.18      5.94
      LONG-TERM AA INDUSTRIALS       6.09        6.09      6.60
      LONG-TERM BBB INDUSTRIALS      6.75        6.84      7.01
      LONG-TERM AA TELEPHONES        6.35        6.40      6.96
      
      BLOOMBERG MUNI YIELD EQUIVALENTS
      Taxable equivalent yields on AAA-rated, tax-exempt municipal bonds,
      assuming a 31% federal tax rate.
                                   10-yr. bond             30-yr. bond
                                Latest      Last        Latest        Last
                                week        week        week          week
      BLOOMBERG MUNI YIELD
      GENERAL OBLIGATIONS       4.08%       4.16%        4.82%         4.90%
      PERCENT OF TREASURIES    87.35       87.67        94.05         94.84
      TAXABLE EQUIVALENT        5.91        6.03         6.99          7.10
      INSURED REVENUE BONDS     4.23        4.32         5.09          5.18
      PERCENT OF TREASURIES    90.56       91.04        99.32        100.21
      TAXABLE EQUIVALENT        6.13        6.26         7.38          7.51
      
      MUTUAL FUNDS
      EQUITY FUNDS
      Leaders                                 Laggards
      Four-week total return           %      Four-week total return            %
      Perkins Opportunity            33.7     Montgomery Latin Amer. R      -31.3
      Internet                       32.5     ProFunds UltraShort OTC Inv.  -23.7
      WWW Internet                   26.9     Offitbank Latin Amer. Sel.    -23.1
      ProFunds UltraOTC Inv.         25.9     Invesco Latin American Gr.    -22.3
      Munder NetNet A                21.8     Ivy South America B           -20.5
      Leaders                                 Laggards
      52-week total return              %     52-week total return              %
      Internet                      283.2     Lexington Troika Russia       -79.0
      ProFunds UltraOTC Inv.        238.0     Montgomery Latin Amer. R      -63.4
      Amerindo Technology D         154.2     American Heritage             -59.0
      Potomac OTC Plus              130.2     Potomac OTC/Short             -58.5
      Dreyfus Technology Growth     127.7     Offitbank Latin Amer. Sel.    -54.3
      EQUITY FUND CATEGORIES
      Leaders                                 Laggards
      Four-week total return            %     Four-week total return            %
      Technology                     11.9     Latin America                 -15.9
      Communications                 10.2     Pacific/Asia ex-Japan          -4.1
      Small-cap Growth                5.1     Diversified Emerging Mkts.     -3.2
      Mid-cap Growth                  4.3     Natural Resources              -1.4
      Japan                           3.3     Financial                      -0.9
      Leaders                                 Laggards
      52-week total return              %     52-week total return              %
      Technology                     69.1     Latin America                 -42.7
      Communications                 58.4     Diversified Emerging Mkts.    -23.0
      Large-cap Growth               42.4     Natural Resources             -22.2
      Large-cap Blend                25.4     Real Estate                   -16.0
      Mid-cap Growth                 24.8     Precious Metals               -15.2
      All data are as of market close Wednesday, Jan. 27, 1999, unless otherwise
      indicated. Industry groups include S&P 500 companies only.  Fundamentals,
      technical indicators, Bloomberg money flow analysis, and mutual fund returns
      are as of Jan. 26  For a more detailed explanation, write to us or E-mail
      figures@businessweek.com.  NA=Not available  **Vanguard Index 500 Fund
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